Opening a bank account in Singapore
Opening a bank account in Singapore

Singapore is the third largest financial hub in Asia with an international repute of efficiency, integrity, stability and eminent economic growth.   The liberalization of the country’s domestic banking system in 1999, several poignant mergers between the major local banks and the expansion of leading international banks onto the Singaporean terrain has made the country’s banking system the leading sector of the its financial market which rapidly continues to prosper due to growing demand.  Currently, the banking institutions in Singapore offer a full spectrum of services, financial instruments, investment opportunities and competitive rates to cater to any economic sector and business models of any size or form.   Moreover, the country’s tax-friendly and regulatory policies have attracted a stream of foreigners wishing to headquarter their business in the Republic, especially in the field of shipping, financial services, manufacturing and trade.  This has further expanded the country’s economic growth, state-of-the-art infrastructure development and steady inflow of skilled manpower.  However, despite the numerous benefits and incentives, the country is known to have some of the strictest legislations in the world relating to bank secrecy, tax-avoidance, anti-money-laundering and transaction transparency.  In fact, the extensive compliance checks can make it extremely difficult to open a corporate bank account in Singapore even for locally run businesses and near impossible for foreign investors without physical presence in the Republic.

The banking sector in Singapore is mostly composed of well-established branches and representative offices of popular foreign banks like Standard Chartered, Citibank, Bangkok Bank, HSBC, Barclays Bank, State Bank of India and Bank of China among many others.   Actually, out of an average of 200 financial institutions only 5 are local which are: The Developmental Bank of Singapore (DBS), Post Office Savings Bank (POSB), Oversea-Chinese Banking Corporation (OCBC), United Overseas Bank (UOB) and the Bank of Singapore.  Most of the banks operating in Singapore accommodate to different types of sectors and clients including commercial corporate banking, retail banking and private investment banking with some specializing the in the private local sector, others on international business companies and some specifically catered to governmental agencies.

Whatever, your banking needs, our experts can help you find a reputable financial institution best suited for your financial activities, whether it be in Singapore, United Arab Emirates, Europe or another country worldwide.  Our banking professionals can also help you prepare a solid compliance portfolio and substance profile essential for both bank account opening and yearly account maintenance as well as offer support and legal advice in case any complications arise during the process.

For more information or a complimentary consultation, please complete our short contact form and our banking experts will get back to you shortly.

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